First home buyer QLD question

Discussion in 'The Buying & Selling Process' started by Valentino, 28th Dec, 2016.

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  1. Valentino

    Valentino Well-Known Member

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    NSW
    Hi There
    I've read up on FHOG for a friend but can't understand "new" .

    Can she buy an existing (already used) unit? Or does it have to be a new built residence that's never been lived in to get a FHOG?

    Also, with the 20k grant, is it also stamp duty free?
     
  2. eskander

    eskander Well-Known Member

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  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Your friend is not the first person to occupy the property, therefore it is no longer a 'new' property, so there is no first home owners grant applicable.

    As this is your friend's first home, she would receive some stamp duty concessions, but there is still some stamp duty to be paid. A more complete explanation is offered here:

    Home concession | Homes and housing | Queensland Government
     
  4. Valentino

    Valentino Well-Known Member

    Joined:
    21st Aug, 2016
    Posts:
    110
    Location:
    NSW
    Thanks all for this. It's confirmed how I'd read it, I just didn't want to believe that, as I don't think what she's looking for will be new build:).

    She's looking for a quiet 2 bedder in a small (10 max) unit block in West End or south side inner city for low $400s. At that price, older style but has to be sound, she's not a renovator. I'm from NSW but a quick search shows mainly massive appartment complexes.

    It's for her to live in, her first home, to get started on her investment journey at 45 yo.

    Anyone selling something like that, or knows a good REA in the area?

    Thanks. I'm trying to give her a helping hand as she doesn't understand property and has just saved cash in the bank for 15 years. Has 90k saved up. Can afford $250-$300 per week repayments. Is scared to commit to a mortgage. Her mind shuts off.